The debt-laden and struggling engineering firm of the Williamson Magor Group will be controlled jointly by the Khaitan family and EMC.

Biyani has been the script writer of India’s retail story: He was the first to dream big in retail when most thought it was another fad.

The move is part of the company's corporate strategy to raise as much as Rs 250 crore it had decided in May last.

Small textile machinery cos could gain from a new policy which gives capital subsidy to apparel makers.